Interview with Passive Mobile Home Park Investor David Shirkey

Welcome back to the Passive Mobile Home Park Investing Podcast, hosted by Andrew Keel. On this episode of the Passive Mobile Home Park Investing Podcast, Andrew talks with passive investor David Shirkey about his experience in the mobile home park industry. David is a passive mobile home park investor and has first hand knowledge for anyone who is thinking about investing in trailer parks. Today Andrew asks David about his preferences when it comes to the following: syndications and investment funds, operator due diligence and preferred methods of communication with operators. In addition, he talks about the filters he uses when he coordinates with operators on deals that he likes to invest in and discusses mistakes he's made in the passive MHP investing arena. David also talks about a few additional passive investments he has made in alternate investments outside of the mobile home park asset class.

***Andrew Keel and Keel Team Real Estate Investments (Keel Team, LLC) do not endorse any interviewee. This interview is for informational purposes only and should not be depended upon for investment purposes. ***

Andrew Keel is the owner of Keel Team, LLC, a Top 100 Owner of Manufactured Housing Communities with over 1,400 lots under management. His team currently manages over 20 manufactured housing communities across ten states - AR, GA, IA, IL, IN, MN, NE, OH, PA and TN. His expertise is in turning around under-managed manufactured housing communities by utilizing proven systems to maximize the occupancy while reducing operating costs. He specializes in bringing in homes to fill vacant lots, implementing utility bill back programs, and improving overall management and operating efficiencies, all of which significantly boost the asset value and net operating income of the communities.

Andrew has been featured on some of the Top Podcasts in the manufactured housing space, click here to listen to his most recent interviews: https://www.keelteam.com/podcast-links. In order to successfully implement his management strategy Andrew's team usually moves on location during the first several months of ownership. Find out more about Andrew's story at AndrewKeel.com.

Are you getting value out of this show? If so, please head over to iTunes and leave the show a quick five-star review. I have a goal of hitting over 100 5-star reviews by the end of 2021, and it would mean the absolute world to me if you could help contribute to that. Thanks ahead of time for making my day with your five-star review of the show.

Talking Points:

00:20 - Welcome to the Passive Mobile Home Park Investing Podcast

01:53 - How David got started

03:27 - David's preference in funding

06:17 - David's due diligence process

08:03 - What David looks for when looking at a deal

11:00 - David's "worst" mobile home park deals

14:14 - His preferred method of communication

16:24 - Mistakes that David learned from

20:54 - Depreciation benefits of investing in mobile home parks

24:35 - Alternate investments

29:43 - Tips for new investors: choice of investments

31:19 - Important things passive investors should know about the mobile home park asset class

33:16 - How to find operators to invest through

36:10 - Getting a hold of

36:45 - Conclusion



Links & Mentions from This Episode:

David Shirkey, LinkedIn: https://www.linkedin.com/in/davidshirkey/

David's email address: [email protected]

Keel Team's official website: https://www.keelteam.com/

Andrew Keel's official website: https://www.andrewkeel.com/

Andrew Keel LinkedIn: https://www.linkedin.com/in/andrewkeel

Andrew Keel Facebook page: https://www.facebook.com/PassiveMHPinvestingPodcast

Andrew Keel Instagram page: https://www.instagram.com/passivemhpinvesting/

Twitter: @MHPinvestors

Quotes:

"And of course, this is all after I feel like I can trust the operator in the first place because that's where I start, at least: the person that you're placing the bet on."- David Shirkey

"I do like to see a preferred return. I like to see that the path of the cash is going to the limited partners before a whole lot of upside comes to the general partner." - David Shirkey

"I wouldn't say I look at MHP's as the ultimate tax shelter but it's a good tax shelter." - David Shirkey

"You know, you help somebody and they're probably going to share a deal with you down the road too." - David Shirkey